Busan (South Korea), October 31 —
At their first face-to-face summit in months, U.S. President Donald Trump and Chinese President Xi Jinping struck a partial trade truce that could reshape the global commodities market.
Trump announced a reduction of U.S. tariffs on Chinese goods from 57 % to 47 %, while China agreed to postpone its rare-earth export ban for one year. The two sides also signed memoranda on soybean purchases and chemical export monitoring.
The agreement gives temporary relief to industries reliant on rare-earth elements — critical for electric vehicles, defense systems, and renewable energy technologies. Analysts warn, however, that the one-year pause only delays deeper strategic competition between the two nations.
Markets responded positively, with Asian indices gaining early Friday. Yet trade experts caution that the deal remains “fragile and transactional,” highlighting the continuing geopolitical tug-of-war over technology and critical minerals.